Buy and Hold Bungalow in Palmyra, NJ

[Bud Evans]

Investment Info:

Single-family residence buy & hold investment in Palmyra.

Purchase price: $79,000
Cash invested: $40,000

This is a bungalow in Palmyra Township, NJ.

What made you interested in investing in this type of deal?

Passive Income

How did you find this deal and how did you negotiate it?

This was a wholesale purchase from a REI club website.

How did you finance this deal?

Combination of Hard and Private Money.

How did you add value to the deal?

Upgraded kitchen and bath with granite and stainless appliances. Also added a 4th bedroom.

What was the outcome?

Currently in rehab stage to be completed by April.

Lessons learned? Challenges?

Streamlined processes are already in place on this home. However, markings on the heat unit were incorrect - turned out the York Furnace was actually an oil heater. Quickly fixed.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I’ve worked with GroundFloor Lending - call Nate he’s awesome.